Request for Proposals - Small Site Development

Tuesday, April 09, 2019

REQUESTFORPROPOSAL

SMALL SITE DEVELOPMENT IN RED WING, MINNESOTA

DOWNTOWN - OLD WEST MAIN - POTTERY PLACE

APRIL 1, 2019

The City of Red Wing HRA (HRA) is seeking development proposals for small site properties located in the Downtown/Old West Main/ Pottery Place areas. Proposed sites should be vacant, underutilized or blighted properties and suitable for re-use as a small site development. The HRA is looking for proposals that will incorporate two to six rental residential units on the site (s) which could be stand-alone residential or as a mixed unit development of retail or office space.

The HRA will allocate up to $150,000 in Affordable Housing Trust Fund money as a 0% interest rate, deferred, 15 year term and forgivable loan to be used in the development in the exchange for 1/3 to 1/2 of the units to be developed to be designated as affordable for households not to exceed 60% of the Area Median Income and with rents set at no more than 30% of the 60% Area Median Income level as defined by HUD.